There is a renewed air that the stock market is in a bubble and that is weighing on the outlook. We are in earnings season and the outlook is negative potentially capping US stocks as we await the elections to take place scheduled for November 8th.
The Dow Jones Industrial Average DJIA, -0.29% shed 51.98 points, or 0.3%, to close at 18,086.40. The S&P 500 index SPX, -0.30% fell 6.48 points, or 0.3%, to end at 2,126.50 and the Nasdaq Composite Index COMP, -0.27% dropped 14.34 points, or 0.3%, to finish at 5,199.82.
At the same time, oil was pressuring risk on demand, but financials, so far, are holding up with a number of major financial institutions, including J.P. Morgan Chase & Co. JPM, -0.52% Citigroup Inc. C, -0.02% and Wells Fargo & Co. WFC, -0.47% —all offering stronger-than-expected results accompanying BoA's today.